Cost Baseline and Cost Budget are two essential components in project management. The Cost Baseline is like a snapshot of the project’s planned expenditures at a specific point in time. It’s like setting a financial roadmap for the project, outlining the estimated costs for each activity or phase. On the other hand, the Cost Budget […]
Project Cost Management No Initiative will be approved and no project will get into execution until the Project Manager or Project Management team provides the project schedule and the project budget. These are baselined during the Planning process Group so that can be used for measuring the progress of the project against a Project Management […]
Project Cost Management The Cost Management is among the most crucial project management knowledge areas and strongly connected with the Project Schedule Management as we will be using the same estimation techniques we have used there to estimate the cost and eventually budget. Cost management should happen as early as possible in the project as […]
Project Cost Management (A high-level snapshot) Project Cost Management Knowledge Area is about planning, estimating, budgeting, financing, funding, managing & controlling the cost so that the project can be completed within the approved budget Project Cost Management Knowledge Area Processes Plan Cost Management (Planning) It provides guidance and direction on how the project costs will be […]
This resource-optimizing like Resource Leveling and Resource Smoothing techniques are available as scheduling tools to the Project Manager to effectively create a viable schedule during the Develop Schedule Planning Process of Project Schedule Management Resource Leveling: A technique in which start and finish dates are adjusted based on resource constraints with the goal of balancing demand […]
Product Scope and Project Scope Scope: The extent of what a project will produce (product scope) and the work needed to produce it (project scope). It is the sum of the products, services, and results produced in a project. It is often documented using a scope statement and a Work Breakdown Structure (WBS), which are approved by […]
Scope Creep and Gold Plating Changes are inevitable, you can’t run from changes on the project. Changes are also by nature not bad, but if we don’t manage them properly, i.e add them to the scope of the project through a proper approval cycle they may even cost you a project. Once properly evaluated and […]
Critical Path Method (CPM) It is the longest path in a project schedule network diagram. Critical path establishes the minimum project duration. Critical Path is the most popular project scheduling technique used for effective project management and refers to the series of stages that determines the minimum amount of time required for a function particularly when evaluated on […]
Risk Register and Risk Report Risk is an uncertain event that, if it occurs has a positive or negative effect on one or more project objectives Risk Register is a Log file which works as a master database of all the risks ever captured and other related information like Qualitative Analysis, Quantitative Analysis and risk […]
